Discharged bankrupt, why can't I get an ISA?

zAndy1

obsessed_saver wrote: »

I've read in other bank credit card agreements that if you hold another account with them, and you owe money on the credit card, they have the right to take the money from your other account to cover your credit card debt.

So, I suggest you get a clarification what happens to the debt on your Egg credit card before putting any money into the ISA. Anyway, you did owe them money, so maybe you should pay them back.

The credit card debt was included in my bankruptcy therefore they cannot by law take money off me to settle that debt. The balance should show as zero.

Quietgirl

Paul_Herring wrote: »

Why do a credit check for savings? I find this highly unusual, if not irregular.

I have no idea obviously some banks look down on people with a bad history, OR they are looking at whether they can flog them any other products at the same time. I just found it very frustrating only being able to have a basic bank account with my own bank, the coop, and I wanted an convenient savings account that I could transfer money into each month, even though I know the interest rates are rubbish. You would think they would at least have competative rates with being so selective.

Paul_Herring

Quietgirl wrote: »

I just found it very frustrating only being able to have a basic bank account with my own bank, the coop, and I wanted an convenient savings account that I could transfer money into each month, even though I know the interest rates are rubbish. You would think they would at least have competative rates with being so selective.

To be honest, if they are selecting savers based on their credit history, I'd expect them to offer much less competative rates for those with 'less than perfect histories.'

But I (still) find it highly unusual to go through a credit check for a savings product.

That said, sitting on my very high horse here (I get the impression that's how this post appears - I don't mean it to, or use the ivory tower perhaps) I've had no severe credit problems, yet the only searches I've had for savings on Experian and Equifax are identity checks - I've never had a credit check to open any of my savings accounts. (Credit cards have left a footprint however.)

OP or QuietGirl - if you get your credit reference reports - can you actually confirm or deny the fact that when applying for a savings product you are actually credit checked please?

YorkshireBoy

Lots of people mistake 'credit check' for 'credit search'.

In practice, when you apply for a savings account the provider will search...

Credit files (but the footprint will show it as an unrecorded enquiry)
Fraud prevention agencies (NHunter etc)
The Insolvency Service (bankruptcy)
Registry Trust (CCJ's)

Some more information in the Halifax privacy statement document here...

http://www.halifax.co.uk/SecurityandPrivacy/pdf/Privacystatement0708.pdf

Nigella_2

I was turned down for an ISA.
I just wanted to put some back benefits aside for emergencies and get interest as I don't get any for Basic Bank Account.
Means anybody Bankrupt loses value of their money that they are allowed to keep.

ironmanracer

Quietgirl wrote: »

I have no idea obviously some banks look down on people with a bad history, OR they are looking at whether they can flog them any other products at the same time. I just found it very frustrating only being able to have a basic bank account with my own bank, the coop, and I wanted an convenient savings account that I could transfer money into each month, even though I know the interest rates are rubbish. You would think they would at least have competative rates with being so selective.

I am with the Coop and had the self same problems. I have managed to get a Savings account with Sainsbury Online Saver with a good rate and been saving for about 2 years I have a standing order each month for a few hundred pounds to go to them. I appealed the decision to deny a savings account and by way of supportive material I gave them a Sainsbury's Statement with several £000 balance plus evidence of a vastly improved credit score putting me in the top 20% of the population.(Thanks to Vanquis who let me a have credit card), also given I have a nice pension about to payout which I can save too thery still wont allow it?
I have asked for an explanation as to why they dont want my money but all they do is quote policy.

Where can I get another bank account- can anyone help?